Demystifying Insurance Claims: Your Guide to a Seamless Roofing Restoration

At 787 Construction, we understand that navigating the insurance claims process can be overwhelming. In this guide, we'll break down the intricacies of insurance payouts and clarify your financial responsibilities during a roofing restoration project. Knowledge is power, and we want you to feel confident every step of the way.

1. Insurance Payouts Demystified:

When it comes to insurance payouts, it's essential to understand how the process works. Typically, insurance companies release payments in two phases: Actual Cash Value (ACV) and the recoverable depreciation. ACV is the initial payout based on the roof's current value, while recoverable depreciation is paid once the repairs or replacement are completed.

2. Your Financial Responsibility - The Deductible:

Homeowners are responsible for paying the deductible, which is a predetermined amount stated in your insurance policy. This amount is subtracted from the total claim payout. It's crucial to budget for the deductible and be prepared to pay it before the restoration process begins.

3. Deductible and First ACV Amount Due at Approval and Selections:

Once the insurance company approves your claim, the deductible and the first ACV amount become due. At this stage, you'll work closely with 787 Construction to make material and color selections for your new roof. Clear communication and prompt payment of these amounts are key to ensuring a smooth and efficient restoration process.

4. Final Amount Due at Completion of the Project:

The final step in the financial process occurs when the roofing project is complete. Once the work is finished to your satisfaction and has passed any required inspections, the remaining funds from the insurance company, including recoverable depreciation, will be released. At this point, the final amount becomes due.

At 787 Construction, we believe in transparency and open communication throughout the insurance claims and restoration process. Understanding your financial responsibilities, from the deductible to the final payment, is crucial for a successful and stress-free roofing project. If you have any questions or are ready to start your roofing restoration journey, we're here to guide you every step of the way.